investing in parents house

bigthings1112

gwynlas said:

Perhaps your parents would have liked to have been consulted about your plans before rather than after  moving yourself and three children in with them.

Your father might have thought it was a temporary arrangement and that they would get their home back and enjoy theit quiet lifestyle instead of which they are having to live in a 3 generation household in their retirement

What was your aim in this comment?  you should consider your tone when speaking to people looking for help than an argument, any further comments will be ignored. Do better. 

bigthings1112

MWT said:

Just one additional thing, hopefully not an issue, but with a Lifetime Mortgage it is very normal to have a condition that the lender must grant permission to have any new people resident in the property and that permission is usually subject to getting a residency waiver signed by anyone over 18, did that happen?

... if considering repaying the mortgage in full then do check for any 'early redemption' penalty.

Yes its was.  Thank you will make sure this is looked into. 

ACG

The only way I can see to do this is to remortgage the house putting you and your parents on the mortgage. 
Raise what you can/need to pay off the existing mortgage (I dont think equity release can prevent you clearing it, but there may be costs incurred) and to do the works. 

There are so many potential problems:
1) What happens if mum or dad need care? They might need their money pulling out of the property by the council. 
2) Your parents are being signed up to a loan, what happens if you do not pay? They lose their home? 
3) In the nicest possible way, do your parents want their daughter and 3 grand kids living with them? My grandparents were great and would do anything for me, but I know they wuold not have been impressed with me rocking in at 2am every weekend doing what 18 year olds do (being sick at 2am, being loud etc). 
4) Do the grand parents want an extension and the like being built and all the noise/dust etc that comes from it? 

Thats off the top of my head, I am sure there are more reasons. You need to understand why your dad is pushing back and accept those reasons. Sorry to sound condescending, its not supposed to but they are at the time of their life where they want to relax and enjoy what time they have left. If that means not having their daughter/grand kids living with them thats understandable. It doesnt mean they dont love seeing you all, it just means they dont want you there 24/7. Or they may not want building work going on. 

I realise you are not asking me to be your broker, but whilst I do think this can be done - I would not take this on. I think the implications and risks are too great and I am not sure it is in your parents best interests. 

Tricky one. As there are so many ways to look at this. 

As an additional thought, your youngest is 10. He/she will be finished in 5-6 years. Do you really need to spend the next year getting an extension built for the following 4 years when you could move to a cheaper area because the school is not a requirement? 

bigthings1112

ACG said:

The only way I can see to do this is to remortgage the house putting you and your parents on the mortgage. 
Raise what you can/need to pay off the existing mortgage (I dont think equity release can prevent you clearing it, but there may be costs incurred) and to do the works. 

There are so many potential problems:
1) What happens if mum or dad need care? They might need their money pulling out of the property by the council. 
2) Your parents are being signed up to a loan, what happens if you do not pay? They lose their home? 
3) In the nicest possible way, do your parents want their daughter and 3 grand kids living with them? My grandparents were great and would do anything for me, but I know they wuold not have been impressed with me rocking in at 2am every weekend doing what 18 year olds do (being sick at 2am, being loud etc). 
4) Do the grand parents want an extension and the like being built and all the noise/dust etc that comes from it? 

Thats off the top of my head, I am sure there are more reasons. You need to understand why your dad is pushing back and accept those reasons. Sorry to sound condescending, its not supposed to but they are at the time of their life where they want to relax and enjoy what time they have left. If that means not having their daughter/grand kids living with them thats understandable. It doesnt mean they dont love seeing you all, it just means they dont want you there 24/7. Or they may not want building work going on. 

I realise you are not asking me to be your broker, but whilst I do think this can be done - I would not take this on. I think the implications and risks are too great and I am not sure it is in your parents best interests. 

Tricky one. As there are so many ways to look at this. 

As an additional thought, your youngest is 10. He/she will be finished in 5-6 years. Do you really need to spend the next year getting an extension built for the following 4 years when you could move to a cheaper area because the school is not a requirement? 

Thank you, some great questions and kindly put. 

Im very blessed to have my parents, they have supported me through a really difficult divorce, financially and emotionally and pretty much co parenting my children.  It has been quite the opposite, It was them that asked me to move back with them. I could work full time living with them, the kids love them and I think my parents would be lost with-out the children. 

So to your answer, yes life can get a little chaotic but it's actually works for us.

Your right life could change in a few years, we have discussed this at lengths. The house will be mine at the end, this was fact before I moved in. I do not want them going into care, the fact is I would want to supporting them, when and if they become ill/frail etc. we have a plan in place.

I believe the 'push back' is due to the unknown rather than not wanting to commit to this, it's already been committed to, the house is sold and it is what it is now. This is more about how to protect all of us financially.

I could certainly clear their outstanding mortgage for life - if needs be - it would just limit the work need done to the house. 

There are no houses near here any lower in house prices. unfortunately, we have already considered moving into another house but the stamp duty put pay to that. it would be a waste of money. Doing the work would be cheaper. 

I agree there are many ways to look at it. hence why I'm here trying to get some assistance on the matter. It's giving me a headache and I am generally open to all options. 

Thank you for taking the time out to help, I truly appreciate it.